Business
Codexis Reports Fourth Quarter and Fiscal Year 2022 Financial Results
Biotherapeutics Application of CodeEvolver® Validated by Recent Data Supporting the Potential for Three Upcoming Investigational New Drug Applications Cash
About this update from Codexis, Inc.
[{"type":"text","content":"Biotherapeutics Application of CodeEvolver® Validated by Recent Data Supporting the Potential for Three Upcoming Investigational New Drug Applications Cash Runway Through End of 2024 Funds Important Upcoming Milestones Company Provides 2023 Revenue Guidance REDWOOD CITY, Calif., Feb. 23, 2023 (GLOBE NEWSWIRE) -- Codexis, Inc. (NASDAQ: CDXS), a leading enzyme engineering company, today announced financial results for the fourth quarter and fiscal year ended December 31, 2022 and provided a business update. “2022 was an important year for Codexis as we prioritized programs in our life sciences, biotherapeutics, and pharmaceutical manufacturing businesses that align with our focused strategy and best position the Company for long-term success,” said Stephen Dilly, MBBS, PhD, President and CEO of Codexis. “In addition to our strong financial performance last year, I am especially pleased with the first patient data set from our study of CDX-7108 for exocrine pancreatic insufficiency in partnership with Nestlé Health Science and with the pre-clinical data recently presented by Takeda in Fabry disease, which validates the potential of our CodeEvolver® platform in gene therapy. We also continue to make great progress in our life sciences business and recently launched our newly engineered DNA ligase which is designed to improve sensitivity of next generation sequencing testing and easily fit into existing workflows. With two years of cash runway and numerous catalysts ahead, we are well positioned to demonstrate the commercial potential and strategic optionality that exists within Codexis.” 2022 Business Highlights Corporate Highlights In November 2022, Codexis announced a plan to prioritize time and resources on areas where the Company believes it has the strongest commercial opportunity and greatest probability of success. As part of this plan, the Company decided to discontinue investment in certain internal development programs, expand investment in high potential development programs, and realign its workforce.Throughout 2022 and early 2023, the Company strengthened its management team and Board of Directors with individuals who possess the strategic acumen, operational experience, and commercial mindset to deliver on its prioritized corporate goals. These changes include the addition of Dr. Stephen Dilly as President and CEO, Kev...